Ethereum Price Holds Losses Under $2,300, Recovery Momentum Still Weak

TL;DR

Ethereum price has declined below $2,250 and is currently consolidating above $2,220. Recovery momentum remains weak as it struggles to regain stability above $2,300.

Key points

Ethereum price started a downside correction below $2,265
Price is trading below $2,280 and the 100-hourly Simple Moving Average
Consolidating above $2,220 with weak recovery momentum

Ethereum price started a fresh decline and traded below $2,250. ETH is now consolidating above $2,220 and might struggle to recover.

Ethereum started a downside correction below the $2,265 zone.
The price is trading below $2,280 and the 100-hourly Simple Moving Average.
There is a contracting triangle forming with support at $2,255 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could start a fresh increase if it stays above the $2,220 zone.

Ethereum Price Faces Resistance

Ethereum price failed to remain stable above $2,300 and started a downside correction, like Bitcoin. ETH price dipped below the $2,280 and $2,265 levels.

The price even traded below $2,250. A low was formed at $2,220, and the price is now consolidating losses. There was a minor upward move above the 23.6% Fib retracement level of the downward move from the $2,345 swing high to the $2,220 low.

Ethereum price is now trading below $2,270 and the 100-hourly Simple Moving Average. Besides, there is a contracting triangle forming with support at $2,255 on the hourly chart of ETH/USD.

If the bulls remain in action above $2,250, the price could attempt another increase. Immediate resistance is seen near the $2,280 level or the 50% Fib retracement level of the downward move from the $2,345 swing high to the $2,220 low.

Source: ETHUSD on TradingView.com

The first key resistance is near the $2,300 level. The next major resistance is near the $2,320 level. A clear move above the $2,320 resistance might send the price toward the $2,375 resistance. An upside break above the $2,375 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $2,420 resistance zone or even $2,440 in the near term.